Leading climate economist William Nordhaus — who had been an advocate of a “go slow” approach on climate policy — now says carbon pollution is much more damaging to the economy than he previously estimated.

While the Yale economics professor has previously advocated for a very low carbon tax, his new analysis examining our “era of minimal climate policies” has changed his mind. Now Nordhaus says our dawdling has been costly — nearly doubling his calculation of the so-called social cost of carbon (SCC), which is the long-term damage caused by an additional ton of CO2 emissions (or, the benefit of a ton of CO2 reduction).

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Food for Thought:

Based on 2016 IMF Report the fossil fuel industry extracted $700B (billion) in annual tax payer subsidies. They paid $117 million in campaign contributions and they have 720 lobbyists in Washington, D.C. SOURCE